The Legal 500 > Asia Pacific > Hong Kong > Capital markets (equity)

In 2018, Clifford Chance's team completed nine IPOs on the Main Board of the Hong Kong Stock Exchange for Chinese companies, which had raised circa $15.8bn. In addition to being prominent in high-profile listings, the group also advises on takeovers, pre-IPO investments and secondary offerings, among other matters. Its client roster spans sectors such as TMT, financial services, healthcare and consumer goods. Amy Lo has over 30 years of experience of corporate finance and securities transactions in greater China and further afield in Asia. Another name to note is Christine Xu, who recently made partner. Virginia Lee, Liu Fang, Frank Yuen and Corey Zhang are also recommended. Tim Wang is the main contact in Beijing.

Kirkland & Ellis has a first-rate reputation in standalone Hong Kong and US IPOs, and also has a strong track record in dual listings. Clients of the firm include Chinese companies, international banks, institutional investors and private equity houses. The practice is also active in pre-IPO investments, offerings, share sales, take-private transactions and regulatory advice. Co-head David Zhang has acted for Chinese/other Asian companies and underwriters on more than 75 US IPOs and 40 Hong Kong IPOs. He also advises public companies on corporate governance, disclosure and investigations. Li-Chien Wong, who co-heads the team with Zhang, is another key figure. Amanda Tang and Susan Wang both made partner. Wanda Woo moved to Wilson Sonsini Goodrich & Rosati.

Latham & Watkins LLP advises issuers and managers on the Hong Kong, US and English law issues associated with a full range of equity products and debt and equity-linked products. The team works closely with the banking practice to provide a full service to clients. It generates work from issuers in sectors such as financial institutions, education, technology, healthcare, retail, manufacturing and public utilities. It is also a top choice among many underwriters. Group head Cathy Yeung has over 20 years of capital markets experience. Other recommended individuals include Dominik Sklenar and Daying Zhang - who were both recently promoted to partner - and Allen Wang and Terris Tang.

Norton Rose Fulbright's strong credentials in the equity capital markets arena are illustrated by the fact that recent mandates involved industries such as technology (including fintech and biotech), life sciences, real estate, education and energy. Led by Psyche Tai, its group provides the full scope of advice on IPOs, rights issues, public M&A, share placements and block trades. A name to note is Terence Lau, who has over 20 years of private practice experience in Hong Kong. Another key figure is Doris Ng, who has worked with Tai to build up the firm's relationships with investment banks and institutional corporate clients. Winnie Chan, Vicky Lam and Harold Tin are other notable partners, as is Margie Chan, who was hired from Davis Polk & Wardwell LLP. Senior associate Aldo Chan is also recommended. Allan Yee rejoined the firm as a consultant from Lei Shing Hong Limited.

Deacons' market presence is reflected by the fact that it has acted on circa 10% of all completed IPOs in Hong Kong since 2014. Beyond handling company listings, it has an outstanding track record in secondary offerings, transfers of listings and the full suite of follow-on corporate transactions, among other matters. The firm's diverse client roster includes Chinese financial institutions, international investment banks and corporates. It has built up a particularly strong reputation advising Japanese companies on listings on the Hong Kong Stock Exchange. Ronny Chow and Eugina Chan jointly lead the team, which was strengthened by the arrival of Peter Cheng from Davis Polk & Wardwell LLP in 2018. Other key figures include Rhoda Yung and Sabrina Fung, who have collectively amassed over 40 years of capital markets experience. Dennis Chan made senior associate in 2019. Senior associate Doris Leung is also recommended.

DLA Piper covers the entire suite of equity capital markets transactions for issuers and underwriters, for whom it advises on a full range of Hong Kong, US and UK law issues. Its practice attracts a significant amount of high-end work, as is evidenced by its heavy involvement in US and Hong Kong IPOs, pre-IPO investments, spin-off listings, M&A and compliance matters, among other key mandates. The team's expertise spans a wide range of industries, including e-commerce, technology, education, aviation, finance, transportation and life sciences. Melody He-Chen's experience includes US and Hong Kong listings, rights issues and share placements. Christina Loh, Henry Cheng and of counsel Janny Tai are other notable individuals in the group. US-qualified lawyer Yang Ge joined the Beijing office from Shearman & Sterling LLP.

Hogan Lovells' team is valued by Asia-based issuers and underwriters for its experience of US and Hong Kong IPOs, as well as private placements of equity and equity-linked securities, rights issues and all other types of equity fund raisings. Clients include investment banks and companies in the real estate, consumer, energy, life sciences, industrial and TMT sectors. Stephanie Tang, who joined from Shearman & Sterling in January 2019, co-heads the team with Sammy Li, Stephen Peepels and Nelson Tang. Li has led on more than 40 Hong Kong equity capital markets transactions, including IPOs, global offerings and rights issues. Tang has previous experience of working as an in-house counsel at an international investment bank. Peepels is the head of the firm's US securities practice in the Asia-Pacific. Senior associates Jeffrey Lee and Samson Suen are also recommended.

King & Wood Mallesons captures a significant share of the market for Hong Kong listings; it advised on 26 out of 143 listings in 2018. Complementing its Hong Kong law expertise, the team provides comprehensive advice on PRC, US, English and Australian securities law issues. In addition to providing an end-to end user service on all aspects of the listings lifecycle, (including pre-IPO investments), the group handles a full range of secondary offerings, and also provides ongoing corporate and regulatory advice. Clients include issuers and underwriters, investment banks, SOEs and red-chip companies. The team - which is jointly led by Sheldon Tse, Gary Lock and Candy Chan - includes John Baptist Chan, Anthony Wan and counsel Sheryl Cheung. Notable developments saw US capital markets specialist Wang Yu join from Morrison & Foerster and counsel Tony Jacobsen arrive at the firm from the Hong Kong Stock Exchange.

Morgan, Lewis & Bockius (in association with Luk & Partners) has strong capabilities in both domestic and international capital markets transactions, with its team having expertise in Hong Kong, China, US and UK law. All members of the group are bilingual or trilingual, speaking Mandarin, Cantonese and English. On the IPO front, the group is particularly well-known for its work in the education sector, but its experience of advising issuers and underwriters also spans many other industries, such as energy, real estate and consumer services. It acted on seven completed IPOs on the Main Board of the Hong Kong Stock Exchange in 2018. Asia capital markets head Edwin Luk alone has handled more than 100 completed IPOs in Hong Kong for Chinese issuers and underwriters since 2006. In addition to assisting clients with new listings, the firm's other work includes post-IPO placements, rights issues, dual listings and delistings. June Chan, Billy Wong and Keith Cheung are also recommended.

Morrison & Foerster, which has been active in the Hong Kong market for more than two decades, works closely with Chinese investment banks and companies on the full range of equity capital markets transactions and post-listing matters. The firm has a particularly strong capability in the life sciences sector; team head Venantius Tan, who has US and Hong Kong securities law expertise, has a wealth of experience of pharmaceutical and biotech IPOs. The practice was bolstered by the arrival of Ke Huang from O'Melveny in May 2019. Counsel Yu Wang left the firm for King & Wood Mallesons, of counsel Samuel Ng moved to Paul Hastings LLP and Xiaohu Ma retired.

At Shearman & Sterling, Kyungwon Lee relocated to Hong Kong from the New York office to become the head of capital markets in Asia. In other developments, Max Hua joined from Haiwen & Partners. Equally strong acting for issuers and underwriters, the firm covers the gamut of equity capital markets transactions on the Hong Kong Stock Exchange, with a notable focus on the healthcare and education sectors. It is also sought out for advice on New York Stock Exchange and Nasdaq listings. Matthew Bersani is another key figure in the group.  Colin Law and Peter Chen left the firm for Fangda Partners.

At Baker McKenzie, the main partners in Hong Kong are Christina Lee and Ivy Wong, who act for issuers and underwriters on Hong Kong IPOs and global Rule 144A/Regulation S offerings, US IPOs and secondary share offerings. They also provide ongoing post-listings support on other corporate and regulatory matters. The firm's standing in the market sees it act for a broad base of clients, such as commercial and investment banks, listed REITs and Chinese SOEs. In addition, it acts for companies across multiple traditional industries (such as real estate, financial services and oil and gas), as well as new economy sectors, including biotech. Beijing-based Jackie Lo oversees the team.

Eversheds Sutherland’s corporate team works closely with its international network to provide full-service support to clients seeking listings in Asia, as well as those pursuing listings on international capital markets. It also handles secondary fund raisings, privatisations, reverse takeovers and regulatory compliance matters. Practice head Stephen Mok has assisted more than 30 companies with securing listings on the Hong Kong Stock Exchange.

Jones Day's team is particularly active in the fast-growing biotech, healthcare, life sciences and TMT sectors. Its work also covers more traditional industries, such as infrastructure and financial services, among others. The group attracts a strong flow of high-profile IPOs, placings and rights issues, compliance and M&A, among other matters. Clients include Chinese SOEs and private companies undertaking transactions across Greater China, Asia-Pacific and Southeast Asia. The practice is led by Joelle Lau, whose track record in the Hong Kong capital markets sphere dates back nearly 20 years. Lau works with Charles Chau, Terry Kwok and Donna Ko.

Mayer Brown advises both issuers and underwriters on the entire ambit of equity capital markets transactions. In addition to undertaking pre-IPO work, the practice covers IPOs, rights issues, follow-on share placements, private investments in public equities and spin-offs. Jason Elder heads up the team.

Milbank undertakes the full range of high-end equity capital markets transactions across Asia for global financial institutions and other investment banks, corporate issuers and governments. Its broad geographical reach has seen it recently act on mandates with a nexus to countries such as the Philippines, Switzerland, Vietnam, Japan, Germany, Singapore and Indonesia. The team, which is jointly led by James Grandolfo and David Kuo, includes a mix of US, Hong Kong and Philippines-qualified lawyers. It advises on concurrent equity placements and bond offerings, rights issues and recapitalisations, among various other matters. Asia counsel Paul Pery is recommended.

Addleshaw Goddard is one of the most active firms in the market advising sponsors and underwriters on Hong Kong IPOs. Its team is led by Daniel Wan, whose experience spans a wide range of industries, including infrastructure, financial services, healthcare, power, structural engineering, transport and public relations. The firm has recently seen an increase in mandates from investment banks.

Howse Williams is particularly active in assisting small to mid-cap companies with primary listings on the Hong Kong Stock Exchange, as well as their secondary offerings. Other areas of focus include corporate governance and compliance. Sponsor-side work is another cornerstone of the practice, which is jointly led by Christopher Williams and Brian Ho. Chia Ching Tan is experienced in assisting Southeast Asian companies with Hong Kong listings. Christopher Yu, Denise Che and Heidi Lee are also notable individuals.

Stephenson Harwood has been active in capital markets transactions in Greater China since the 1970s, making it a top choice among many companies, banks, nominated advisers and brokers. The firm has recently seen an increase in mandates from sponsors for advice on IPOs. Other cornerstones of the practice include subscriptions, placings, rights issues, transfers between markets and dual listings. The team is jointly led by Voon Keat Lai (who is managing partner for Greater China offices), Ivy Wong, Chun-Hui Lin (Hong Kong/Beijing) and Ivan Tan (Hong Kong/Shanghai). Jane Ng has over 20 years of corporate finance experience. Notable developments at the firm saw Allen Shyu join Akin Gump Strauss Hauer & Feld LLP while Anthony Chan moved to Squire Patton Boggs.